Nifty ends above 13,500 led by metal, energy stocks

After some profit-booking seen in the previous session, indices ended higher on December 11 with Nifty above 13,500 led by metal and energy stocks. The BSE Sensex was up 139.13 points or 0.30% at 46,099.01, and the Nifty was up 35.60 points or 0.26% at 13,513.90.

“The index tested the lower end of the range again. 13400-13700 is the range for this market and this is also a stiff resistance zone. We will breakdown only if 13300-13350 is broken and we will see a renewed rally up only post a closing above 13700. Until then traders should trade cautiously with strict stop-loss levels,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

The Nifty Energy, Metal and PSU Bank indices rose 1 percent each while selling was seen in the pharma, IT and auto names.

Broader markets ended in the green, with the BSE midcap and smallcap rising 0.15 percent and 0.5 percent respectively.

NTPC, ONGC, GAIL, Coal India and Tata Steel were among major gainers on the Nifty, while losers were Divis Labs, Axis Bank, M&M, Cipla and Adani Ports.

Stocks & sectors

The BSE power, metal and oil & gas indices added 1 percent each, while healthcare, IT and auto indices ended in the red.

A volume spike of more than 100 percent was seen in ONGC, TVS Motor and UBL.

Long buildup was seen in ONGC, Gail and NALCO and short buildup in ACC, TVS Motor and Bank of Baroda.

Over 250 stocks, including Marico, HBL Power and DHFL, hit a 52-week high on the BSE.

The Nifty formed a Doji candle with long lower shadow on the daily scale which indicates the absence of momentum at higher zones but declines are nicely being bought.

On the weekly front, the index continues its northward trend and has been forming higher highs from the last six weeks with consecutive positive close.

“Now it has to continue to hold above 13350 zones to witness an up move towards 13750 zones while on the downside key support exists at 13300 zones,” said Chandan Taparia of Motilal Oswal Financial Services told .